Under a voucher system, every liability is recorded at the time:
A) of requisition of goods.
B) of receipt of goods.
C) of payment.
D) the liability is incurred.

Question

Quizplus · Accepted Answer

Under a voucher system, liabilities are recorded when they are incurred, ensuring accurate and timely financial reporting. This method helps in tracking expenses and obligations as they happen, rather than at the time of payment or goods receipt.

Under a Voucher System, Every Liability Is Recorded at the Time